Firm Capital Apartment REIT Completes Sale of Texas Property for $9.9 Million

All figures in $USD unless otherwise noted.
TORONTO, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Firm Capital Apartment Real Estate Investment Trust (“the “Trust”), (TSXV: FCA.U), (TSXV: FCA.UN) is pleased to report that it has completed the previously announced (August 2, 2023) sale of its unencumbered property located in Austin, Texas for $9.9 million. Net of closing costs, the net sale proceeds of approximately $9.6 million are being used to pay off loans as they come due and for working capital purposes. The property had a sales price in line with its IFRS value.

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Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse factors affecting the U.S. real estate market generally or those specific markets in which the Trust holds properties; volatility of real estate prices; inability to access sufficient capital from internal and external sources, the completion of the Strategic Review; and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; the ability of the Trust to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Additional risk factors that may impact the Trust or cause actual results and performance to differ from the forward looking statements contained herein are set forth in the Trust's Annual Information form under the heading Risk Factors (a copy of which can be obtained under the Trust's profile on www.sedar.com).

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